by Mary Bryan Fields
Consumers who purchase a home in the right location can move in with no down payment. The U.S. Department of Agriculture offers 100% Loan-to-Value financing through its Rural Development Guaranteed Housing Program! Rural” brings to mind homes miles from towns and cities; however, portions of Glynn County and most of the surrounding counties are eligible for loans under this program. For example, the homes of Planting Hammock, marketed by Hodnett Cooper Real Estate qualify for 100% USDA financing programs. With homes starting at $130,000 and interest rates below 5 1/2%, home ownership at Planting Hammock is surprisingly affordable.
The Wall Street Journal’s recent article (linked here) explains how consumers can purchase a home with no down payment and without purchasing private mortgage insurance. One such program is 502 “Guaranteed Single Family Housing.” In this program, interest rates are fixed over the 30 year term. The program is available for qualifying home buyers, not just first time homebuyers, and does not include any upper loan limits. The loan amount is based on the borrower’s qualifications.
Another program includes subsidized payments based on interest rates as low as 1%. While each county has its own loan limits (Glynn County, for example, has a loan limit of $150,000), consumers whose incomes fall in the low to very low category may use this loan to purchase a home.
If you would like more information about USDA 100% financing programs, contact Hodnett Cooper Real Estate at 888-HODNETT.